Define Aggregation of income under income tax act
Vinita Chouhan (10 Points)
11 March 2018
General question
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193771 Points)
Replied 11 March 2018
Under Income Tax Act 1961 there are certain provisions as per which an income of, though legally belonging to one person, is to be included in the total income of other person.
Term also used to denote the adding together of the taxpayer's income from all sources in order to determine the applicable tax rate for income tax purposes.
Inclusion of others income in the income of assessee is called “Clubbing of income” and such clubbed income is termed as “Deemed Income”.
Details refer: aggregation-of-income
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